Good sales performance across the board BIM delivered H1 sales of EUR1.8bn (c8% org.), in-line with estimates and driven by ex-respiratory panel test sales up 11% and supported by a strong 200bps price mix. On a quarterly basis, performance was good across the board with microbiology (18% org.) and Industrial applications (10% org) driving growth while the strong 23% growth of non-respiratory molecular panel test sales was offset by a 4.5% decline of molecular respiratory sales. The growth in immunoassays (3% org.) continued to be held back by declining PCT test sales. Commercial efforts returning fast(er), FY23 guidance maintained Contributive EBIT of EUR291m (16.5% margin) missed estimates by 4%. Despite a stable gross margin (or up 50bps at CER), the return of commercial effort to pre-pandemic levels and higher employee costs drove a c20% increase in SGandA. Profitability was further impacted by employee share plan (c50bps impact on margins in H1). Slightly higher comps into H2, return of marketing investments and uncertainty on the intensity of the flu season are the main reasons for maintaining the FY23 guidance for sales growth 4-6%CER and cEBIT (EUR600-630m). Off the call: pricing power, Spotfire off to a good start, China The 200bps contribution to growth from price mix was driven by microbiology and industrial applications (4-5% price increases), expected to continue into H2. The strong c22% org. growth in APAC was driven by low comps. Spotfire is off to a good start with 100 placements in the US; launch in Japan in H2. In China, despite the possible short-term impact on business environment from ongoing anti-bribery campaigns, BIM should emerge stronger (vs non-compliant local players). We reiterate our Outperform rating, TP at EUR112 Today, we update our model post H1 2023 results and reiterate our Outperform rating. We raise our TP to EUR112/share (from EUR110) and reiterate our Outperform rating. BIM trades at a 10% premium to...